"American taxpayers deserve to know that their money is spent in the most effective way to stabilize the financial system," said Geithner, who insisted that the rules go farther than those imposed by President Bush and that they ensure bailout money is distributed with the goal of promoting the health and stability of the financial system.

The hope is that the rules - modeled on limits imposed on political lobbying of Treasury Department officials on tax matters - will limit special-interest influence on the government's $700 billion financial rescue program.

They restrict the contact officials can have with lobbyists in connection with applications for funds from the bailout program. They require that officials, when reporting to Congress on the  $700 billion rescue program, must certify that each investment decision was based only on objective criteria and the facts of each case. Those in charge of the rescue program must publish a detailed description of the review process that was conducted in making the awards. The Treasury Department plans to provide weekly updates that reveal any communications from public officials and others regarding specific financial institutions.

Finally, no bank will be considered for an award unless it was recommended for the assistance by the firm's primary regulator.

The restrictions, however, apply only to the Treasury Department -- not to the primary regulators who oversee banks and recommend which firms should win government assistance. Moreover, lawmakers can still contact the Treasury Department or other regulators regarding the bailout.

Read the full story at http://online.wsj.com/article/SB123306933594019639.html.